SCF round 15: Aquarius & Soroban
Driving liquidity on Stellar with Soroban-powered AMMs
Soroban smart contracts bring a host of opportunities to the Stellar network, opening the doors for an improved, feature-filled network. As such, at Aquarius, we are harnessing this new powerhouse to rebuild the Automated Market Maker (AMM) landscape on Stellar, helping further our mission to expand liquidity across the Stellar network.
To help accelerate our progress, we are thrilled to announce Aquarius is participating in Stellar Community Fund (SCF #15), with our first deliverable already achieved! By leveraging the capabilities of Soroban, we aim to make Aquarius the first decentralized AMM protocol on Stellar, revolutionizing the way users trade and access liquidity.
♒️ What is Aquarius?
So let us remind you about Aquarius and our achievements since the projects launch in 2021. Aquarius is a unique liquidity layer built on the Stellar network, designed to bring liquidity to Stellar’s layer one DEX and native AMMs by incentivizing liquidity providers.
The ecosystem is entirely powered by on-chain governance systems that employ Aquarius’ AQUA and ICE tokens. AQUA is held by over 120K wallets and is the core asset for Aquarius, whereas ICE is the frozen equivalent. Those who freeze AQUA into ICE can gain increased voting power and boosted hourly rewards when providing liquidity.
AQUA and ICE holders use their tokens to vote on governance proposals and also decide which Stellar DEX & AMM markets receive hourly incentivization rewards. Rewards are delivered to liquidity providers of top-voted markets, establishing a robust system for earning extra rewards when contributing towards liquid markets on Stellar.
To date, we have delivered 4 billion AQUA tokens in rewards to liquidity providers. At today’s price, that’s the equivalent of $2,250,000!
🤝 Our vision with SCF support
With the support of the SCF, we have ambitious milestones to foster the growth and development of Soroban, Stellar, and Aquarius:
- Soroban-Powered AMMs: Our initial aim is to create a suite of Uniswap v2 style AMM smart contracts running on the futurenet of Soroban and a simple demo interface to show their capabilities. More advanced research can also result in the development of complex AMM builds. This includes potential new AMM types for Stellar, such as stable swaps, multi-asset (MAMM), and concentrated liquidity (CLMM).
- AQUA Rewards for LPs on Soroban: Our second goal is to build upon our reward distribution engines, allowing them to run independently on Soroban. These engines will operate as a set of Soroban smart contracts on futurenet, calculating and distributing AQUA rewards to LPs. This aligns with our goal of further decentralizing Aquarius.
- Introducing Stellar Smart Contracts to Users: With over 120,000 AQUA token holders, Aquarius stands as one of the most actively used DeFi ecosystems on Stellar. As such, we will strive to familiarize our user base with Soroban and encourage ecosystem projects who use our protocol to experiment and explore Soroban-powered solutions. Additional blog posts and various social media content dedicated to Soroban will help educate the ever-growing Stellar community.
👷 Let the building commence!
In conclusion, we at Aquarius are committed to bringing innovation and growth to the Stellar ecosystem. By leveraging Soroban’s smart contract capabilities to design new AMMs, we aim to increase concentrated, useable liquidity on Stellar, creating a better trading experience for everyone.
As we enter the Smart Contract Era, the combination of our liquidity incentivization system, Soroban, and advanced AMMs is poised to create an exciting base for liquidity growth on Stellar, bringing us one step closer to a decentralized financial system.
We want to express our gratitude to the Stellar Community Fund for considering our project. We also want to thank our fantastic community, especially our AQUA token holders, for their continued support and belief in our mission.
Stay tuned for updates as we progress with our roadmap!
To learn more about Aquarius, visit our website:
https://aqua.network
To view our SCF #15 submission, please visit:
https://communityfund.stellar.org/projects/soroban--aquarius-scf-15
